A startup revolutionizing car financing for ride-hailing, Moove, has secured $100 million in its Series B funding round, reportedly spearheaded by Uber, TechCrunch reported.
This investment comes on the heels of reports in February suggesting Uber’s interest in an equity stake in Moove. With this latest round, Moove’s total funding climbs to approximately $460 million, comprising $250 million in equity and $210 million in debt.
Joining Uber in the Series B round is Mubadala Investment Company, a sovereign wealth fund that previously participated in Moove’s Series A financing. Additionally, The Latest Ventures, AfricInvest, Palm Drive Capital, Triatlum Advisors, and Future Africa have contributed to the funding. The influx of capital will fuel Moove’s ambitious expansion plans, aiming to penetrate 16 new markets by the close of 2025, bolstering its current presence across six countries.
For Uber, this strategic move aligns with its broader initiative to secure a reliable pool of drivers for its ride-hailing platform, a trend underscored by partnerships with entities like SWVL and Kobo. Moove’s CEO, Ladi Delano, sees Uber’s involvement as an affirmation of Moove’s innovative business model, which aims to democratize access to vehicle ownership in mobility markets.
This latest funding round marks a significant milestone for Moove, elevating its valuation to approximately $750 million from $550 million previously. The company’s growth trajectory is further evidenced by its recent expansion into India, where it collaborated with Uber to introduce 25,000 electric vehicles onto its ride-sharing platform in 2023. Founded in 2020 by Ladi Delano and Jide Odunsi, Moove addresses the challenge of limited credit access in mobility markets by offering revenue-based car financing to ride-hailing drivers. With an impressive $90 million in annual recurring revenue, Moove continues to redefine the landscape of mobility fintech.
Looking ahead, Moove is exploring potential collaborations with Bolt to enhance its ride-hailing offerings in key emerging markets, further solidifying its position as a leader in the mobility finance sector.
